20May

Bank of England money and credit report for March shows mortgage borrowing at record levels

The Bank of England’s Money and Credit Report for March 2021 shows net mortgage borrowing at £11.8 billion – the highest level on record, beating the £10.4 million mark set back in 2006. Gross lending also rose to record levels, at £35.6 billion. These new records are thought to be due to the fact that the stamp duty holiday was initially expected to end in March, although this has since been extended to the end of June 2021.

11May

Changes Announced to Debt Relief Orders

Changes Announced to Debt Relief Orders (DROs)

The Insolvency Service has released an update following the consultation changes to Debt Relief Orders (DROs). The changes to DROs are now agreed, finalised, and will come into effect at the end of June 2021. Due to the changes, It is expected that over 13,000 more individuals may use DROs within the next 12 months and when compared to 2019 statistics. This represents a 50% increase.

10May

Citizens Advice sounds the alarm over vulnerable people signing up to BNPL arrangements

Citizens Advice has revealed its concerns over the number of people using ‘buy now pay later’ arrangements, especially those from vulnerable groups. Its research shows that 27% of UK adults have used a BNPL arrangement in the last 12 months, but this rises to 37% of disabled people and 45% of those with a mental health problem, as well as 45% of people in the 18 to 34 age group. Half of the customers in this younger age group said that they had unwittingly signed up to a BNPL arrangement when they never intended to do so. The average repayment under a BNPL arrangement is said to be £63 per month.

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